Spot raises $17.5 million
Austin-based mobile-first life insurance provider Spot Insurance has raised $15 million in equity and $2.5 million in debt in a round of seed funding led by GreatPoint Ventures, with participation from Montage Ventures, Mutual of Omaha , MS&AD and Silverton Partners.
Founded in 2017, Spot offers a digital, on-demand injury insurance product that can be as-is or as a complement to traditional health insurance. Starting at $25 a month, the plan covers up to $20,000 in out-of-pocket medical expenses associated with an injury and $50,000 for accidental death and dismemberment. Signing up takes under 90 seconds online and only requires a birthdate and home address.